LIFE INSURANCE AND LONG TERM CARE INSURANCE
In simple terms, life insurance is where you agree to pay money in regular installments (the "premium") and the insurance company (subject to the terms, conditions, limitations, and exclusions of the contract) agrees to pay a sum or sums of money if you die and/or if certain other event(s) or actions or situations occur while the policy is in force as set out and defined in the contract. Just like any other contract, life insurance contracts have terms, conditions, limitations, and exclusions. Some life insurance plans are relatively 'simple' whereas others are highly complex legal-financial documents.
LIFE INSURANCE CAN BE USED:
as income protection to cover living and/or childcare expenses in case the breadwinner in a family dies.
as a type of security for paying final expenses and bills for older adults
to assure future education expenses can may be met.
to leave an inheritance for loved ones or favorite institution.
THERE ARE THREE TYPES OF LIFE INSURANCE:
Straight, Ordinary, & Whole Life Insurance: All describe a life insurance plan that includes a death benefit, cash value, and a fixed premium.
Universal Life Insurance: Life insurance death benefits with a cash value based on variable interest rates and premiums that can be flexible.
Term Life Insurance: Life insurance for a specified time (usually one year) with a death benefit, no cash value, and premiums that increase upon renewal.
DO YOU NEED LIFE INSURANCE?
Think of insurance as income protection. If the insured passes away, the beneficiary receives the proceeds to offset the lost income. If you are married and your spouse is not working, you probably need insurance. The primary purpose of life insurance is to replace the insured person's lost income in case of death.
If you are independently wealthy, you may think that you don't need life insurance because you already have all of the money that you need. That may be true for some but estate and tax settlement considerations could disturb any bequests and/or obligations to your surviving family.
Contact our life insurance agency today to request a life insurance quote!
BUYING LIFE INSURANCE
Know what you need: The best reason for an individual to buy life insurance is for protection against dying too soon. The person buying life insurance should be primarily concerned with seeing that his or her survivors do not face a financial handicap. There may be other reasons that apply: Life insurance is also purchased to pay estate taxes. Business relationships often require life insurance or can benefit from it. Annuities offer a secure way for consumers to make sure they don't outlive their money. Beware of anyone who tries to sell you life insurance as an "investment." Life insurance should be purchased for the protection it will give you.
Know the company you are buying from: You can check the financial stability of any life insurance company through several reputable national rating companies. Some ratings are available at public libraries.
Never buy a policy you don't understand. If you are given illustrations or booklets, save that material with your policy. If your agent or company cannot explain the policy terms to your satisfaction, shop elsewhere. Make sure you understand the guarantees in your policy (not just the agent's promises of returns) and the surrender penalties if you choose to drop the policy at any time. These costs are often hidden in a life insurance or annuity policy.
As your personal situations change (i.e., marriage, birth of a child or job promotion), so will your life insurance needs. Care should be taken to ensure this product is suitable for your long-term life insurance needs. You should weigh any associated costs before making a purchase. Life insurance has fees and charges associated with it that include costs of insurance that vary with such characteristics of the insured as gender, health and age, and has additional charges for riders that customize a policy to fit your individual needs.
PURCHASING A PLAN 1-2-3
Determine the type of policy and the benefits that would meet your needs.
Shop around by comparing premiums, and costs of insurance of several policies from several companies.
Calculate that the premiums paid do not exceed the death benefit within the first ten years of the policy.
A premium is a payment you make on the life insurance policy payable monthly, quarterly, semi-annually, or annually. Premiums are calculated based on the age, sex, and health of the person who is insured by the policy. The younger you are, the lower the premium. With Straight Life Insurance, your premiums usually remain the same from year to year. With Universal Life Insurance, you can raise or lower your premiums. Term insurance policy premiums increase upon renewal.
WHAT OUR CUSTOMERS SAY
Rolland Insurance Solutions is a great group. Quick to respond to all your needs. Very pleasant and kind people when dealing with your inquiries and claims. Have been with them for many, many years and they never disappoint in their service.
I've been with Rolland Insurance Solutions for many years and have always had friendly and efficient service. Every few years we'll review my policies to make sure they are giving me the best value and meeting my families needs.
Been with Rolland Insurance Solutions for years. Always friendly and very helpful. When I call with questions, they answered them quickly and they are always looking out for you.
Everyone at Rolland and Associates are most helpful, and they make sure we get wonderful coverage for the best price.
SWITCHING IS AS EASY AS 1-2-3
Complete the information on the Quote Page to request a quote. One of our agents will review and respond to you quickly with additional questions.
COMPARE US TO THEM
You'll receive your completed comparison quote from us shortly. Review our coverage and pricing with what you have now. Your agent will reach out to review and answer questions.
Once you like the quote, let us know. We will handle everything from there for you. Including setting up your new policy and canceling your old one.